Gulf East Finance made a mandatory offer for Singalanka Standard Chemicals at Rs. 55 per share.
The company purchased 2,668,255 ordinary shares of Singalanka from the rights issue, on 14 September, increasing its shareholding to 59.27% from its previous shareholding of 44.45%. It therefore became necessary to make a mandatory offer to all ordinary shareholders with voting rights of Singalanka Standard Chemicals under the Company Takeovers and Mergers Code.
The price at which the mandatory offer was made was the highest at which the parties acting in concert to hold 59.27% acquired the shares within the 12 month period before 14 September. The number of ordinary shares remaining to be bought amounts to 40.73% of Singalanka’s ordinary share capital.
Yesterday, 3,500 shares of Singalanka were traded on the Colombo Stock Exchange and the share closed Rs. 11.40 lower at Rs. 240.20.
Gulf East Finance is a company whose registered office is in the British Virgin Islands and it is engaged in investment and business finance.